When the heads of Arab exchanges gather in Abu Dhabi next week, the discussions will range from ETFs and market making to derivatives, artificial intelligence and faster settlement. Behind the two-day meeting is an institution that has spent almost five decades trying to make the region's capital markets work more closely together.
The Arab Federation of Capital Markets (AFCM) will hold its 2026 Annual Conference on September 29 and 30 at the Grand Hyatt Abu Dhabi, hosted by the Abu Dhabi Securities Exchange (ADX). The conference brings exchange executives, regulators, clearing institutions, asset managers, brokers and international investors into the same room at a time when Arab markets are expanding their product ranges and building stronger links across borders.
What Is the AFCM?
AFCM dates back to June 1978, when it was established following a recommendation by the Arab Central Banks Conference held under the auspices of the General Secretariat of the League of Arab States. Headquartered in Beirut, it now describes itself as the industry group representing 18 exchanges, seven clearing houses and multiple affiliate members across the GCC, Levant and Arab Africa. Its wider membership network exceeds 56 institutions.
Its exchange members span much of the Arab capital-market system, including ADX, Dubai Financial Market, Saudi Exchange, Qatar Stock Exchange, Boursa Kuwait, Bahrain Bourse, Muscat Stock Exchange, the Egyptian Exchange, Casablanca Stock Exchange and Amman Stock Exchange.
The organisation does not operate an exchange or regulate markets. Its role is closer to an industry coordinating body. AFCM works on market-development initiatives, statistics, research, training and technical committees, while giving exchanges and post-trade institutions a forum to compare rules and infrastructure. Its stated mission includes reducing barriers to securities trading between Arab countries through greater regulatory alignment and advances in trading, clearing and settlement technology.
Arab exchanges remain separate markets governed by national regulators, but many of their development challenges are shared.
Why AFCM Matters More Now
Regional market integration is moving from conference language into actual trading infrastructure.
ADX's Tabadul platform is one example. Launched in 2022, the mutual-market-access network allows investors to reach participating exchanges through eligible local brokers. By the first half of 2026, Tabadul had expanded to 10 exchange members with more than $1 trillion in combined market capitalisation, while trading value reached AED13.5 billion, already exceeding its total for the whole of 2025.
AFCM's work operates alongside developments like this by addressing some of the less visible pieces needed for deeper regional markets. Its Market Development Committee surveyed 14 Arab exchanges in 2025 on market-making and liquidity-provision practices and worked on standardized guidelines, while also developing the foundations for a regional derivatives framework.
For ETF markets, those subjects matter directly. More effective market making can tighten spreads, better post-trade infrastructure can reduce friction, and stronger links between exchanges can expand the investor base available to locally listed funds.
That work will begin before the conference itself. On September 28 and 29, AFCM will hold a workshop at ADX titled “Mastering ETFs, Futures & Options: Trading, Portfolio Management and Risk Management in Modern Capital Markets.”
Led by OCEANE Global CEO Anthony Sassine and MAREX Capital’s Jamal Oulhadj, the sessions will cover ETF structures, liquidity and market making alongside futures, options, hedging and price discovery. The focus reflects several of the practical issues facing Arab exchanges as they expand ETF and derivatives markets and seek deeper institutional participation.
Abu Dhabi Puts ETFs and Liquidity on the Agenda
The agenda for next week's conference reflects how quickly those priorities are changing.
One September 29 panel, "From ETFs to Dual Listings: Redefining Access, Liquidity, and Market Integration," will examine how products can cross borders more effectively. It is followed by a session dedicated to market making and liquidity provision. Exchange leaders from Abu Dhabi, Dubai, Bahrain, Egypt, Iraq and Oman are also scheduled to discuss geopolitical shocks, investor confidence and liquidity risk.
Day two moves deeper into market infrastructure, with sessions on derivatives, settlement cycles, clearing models, fund structuring and domiciliation. Artificial-intelligence valuations and automation in brokerage are also on the programme.
Corporate access will form another part of the event. Arqaam Capital, the conference's sole corporate-access partner, is arranging meetings between selected issuers and regional and international investors.
Why Abu Dhabi Is a Relevant Host
Hosting AFCM in Abu Dhabi comes as ADX expands beyond its traditional equity market. The exchange now offers equities, bonds, ETFs and other SCA-approved instruments, while simultaneously pushing cross-border access through Tabadul. AFCM describes ADX as the second-largest Arab exchange by market capitalization.
For the region's ETF industry, the conference arrives at an especially active point. ADX has been adding locally listed international and thematic ETFs, Saudi Arabia's ETF market is expanding, and regional exchanges are experimenting with market making and cross-border connectivity.
AFCM cannot create a single Arab capital market by itself. What it can do is bring together the institutions responsible for the rules, infrastructure and market practices that determine whether capital can move more efficiently between them. Nearly 48 years after its creation, that coordinating role is becoming more relevant as Arab exchanges move from operating largely alongside one another toward building stronger connections between their markets.
